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Rabobank to spend €2 billion in AI and tech as net profit stagnates
['Tue', 'August', 'At Am Gmt', 'Min Read']
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Aug 4 (Reuters) - Dutch bank Rabobank said it would invest €2 billion ($2.30 billion) over the next three years in data, tech and AI, as banks around the world step up their AI investments.
• "Artificial intelligence, data and other new technologies will further transform the way we work.
• Rabobank's AI investment follows similar moves by other banks, such as British bank Lloyds which last month announced AI-driven cost-cutting plans.
• Rabobank said it made a first-half net profit of 2.69 billion euros ($3.10 billion) - the same amount as in the same period a year earlier.
($1 = 0.8692 euros)(Reporting by Sudip Kar-Gupta;Editing by Inti Landauro)